The world is rapidly getting digitized while influencing all the industrial sectors. Advance technology and new customer behavior are revolutionizing the functioning and services of financial institutions as well. Nonetheless, the risks that banking sectors face are never-ending. In order to provide customers a reputable service of remote onboarding and know your customer services, a safe environment must be offered. Banks and other financial institutions are viewed as the biggest targets for scammers to do money laundering activities or terror fundings. Hacking into bank accounts with a fake identity or stolen information or impersonating another individual are common threats to the e-banking sector and its customers. Hence, providing a trustable automated identity verification solution is necessary which we offer here at AZYO. 

Know Your Customer (KYC) is a common expression for verifying a person’s identity. In basic terms, it alludes to the process of banks ensuring that their potential customers are real and legitimate, prior to opening a bank account as well as during the transactions that take place. Financial transactions and bank accounts are meant to be highly secured for which acquiring and identifying the client is necessary to avoid any mishap. To verify a customer, both offline and online is required to comply with the governmental monetary rules and regulations (aka KYC).

Banks are now going branchless, that is, online. Thus, online KYC checks must also be mandatory to prevent culprits from disguising and hiding money. Laundering money, opening multiple anonymous bank accounts, hiding illegitimate funds, illicit banking is some of the threats posing the banking services which call for KYC. Compliance with government policies and maintaining the bank’s reputation and integrity, stricter KYC and verification measures must be taken. 

AZYO is here to present its unique Automated ID Verification solution, which is an interesting integration of Optical Character Recognition, Artificial Intelligence, Machine Learning, Blockchain & Facial Biometrics to verify anyone, anywhere, and at any time. Different banks require different documents to meet the identity verification process of KYC. Passport, driving license, bank statements, utility bills, and likewise are the various documents required which eventually slows down the KYC process and makes it cumbersome. Nevertheless, AZYO has the perfect solution for all such problems. AZYO’s advanced OCR engine supports a wide range of documents like Passport, Driver’s License, Lease Agreement, Resident Permits, Bank Cheques, Tax Invoices, and likewise. The images captured by OCR engines are analyzed with machine learning algorithms to validate the authenticity of the documents, thereby removing the risk of forgery. 

With KYC coming to the online realm, various tools have to be used to protect and meet digital compliance. Identity fraud is a growing concern for which a well-integrated and cutting-edge design technology has become a must-have. AZYO’s amalgamation of Convolutional Deep Neural Networks, Powerful Graphical Processing Units, Artificial Intelligence, Facial Biometrics, Advanced Machine Learning Algorithms, Blockchain & Certified Liveness Detection will not only give customers a memorable experience but financial institutions will also be able to maintain a good reputation. 

Averting infiltration of the fraudsters into the online ecosystem, an innovative plus cost-effective solution with the highest efficiency is all that you need in this digital world. Combining cybersecurity expertise, technical skills, and data analytics experience, AZYO is rated as the #1 Automated Verification Solution in the market. 

With AZYO leveraging the power of AI & ML, eKYC has become less time-consuming and cumbersome than the traditional method along with adherence to government rules and regulations.